Market News

Midday cash livestock markets

Direct cash cattle trade activity is starting to pick up.  There are a few more bids developing at $115 live and $185 to $187 dressed.  Packer inquiry is expected to improve over the course of the day.  Asking prices are holding firm at $121 to $122 live and $192-plus dressed.  The wide spread between bids and asking prices could delay any significant trade volume until Friday.

Boxed beef is mixed at midday with moderate demand for moderate offerings.  Choice is $.47 higher at $212.72 and Select is $.62 lower at $200.95.  The Choice/Select spread is $11.77.

At the South Central Regional Stockyards in Missouri, receipts are up on the week and the year.  Compared to last week, feeder steers are $5 to $8 higher, feeder heifers under 500 pounds are $6 to $12 higher and feeder heifers over 500 pounds are $3 to $6 higher.  The USDA says demand was good and supply was heavy.  Feeder supply included 57 percent steers and 62 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 660 to 685 pounds brought $145 to $155 and feeder steers 700 to 735 pounds brought $145 to $153.  Medium and Large 1 feeder heifers 505 to 545 pounds brought $137 to $147 and feeder heifers 605 to 630 pounds brought $134 to $147.

Cash hogs opened mixed with moderate negotiated purchase totals.  Slaughter runs have been huge and wholesale values have been struggling.  That puts packers in a better position to set prices and keep moving numbers.  These large slaughter runs are expected to continue through the end of the year.  That will keep a lid on prices unless any major news breaks and the demand picture finds some certainty.  Barrows and gilts at the National Daily Direct opened $.32 higher with a range of $43 to $47.21 for a weighted average of $46.74.  Prices at the major regional direct markets were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $36 in Dorchester, Wisconsin.

Pork values are firm at midday – up $.32 at $72.76.  The butts, bellies, and loins are all higher.  Ribs are steady. Hams are weak and picnics are sharply lower.